Economic Growth
The economic strength of the African American community will soon reach $1.5 trillion. To quantify this number and put it into some context, this number is equivalent to the gross domestic product of Russia and South Korea. If we were a nation, we would be the 12th richest country on the planet. Although macro-economists will quickly tell you that GDP and buying power are not the same, since we are not a country exclusive of the U.S., I believe that it provides, at least, some context.
Our collective economic strength makes us a prime market for advertisers, marketers and those who desire to influence our buying behaviors. Yet, the larger question is not how much we can buy but whether we can control and direct the spending? …show more content…
There are now between 2.5 to 3 million black owned businesses around the country.
In just about every category, we have been growing—sadly not enough. Our median family income in 1968 (inflation adjusted) was approximately $22,000. It is around $40,000 today. Our unemployment rate, while down is still twice that of white Americans. That has not changed appreciably since the early 1970s.
Our overall poverty rate has decreased from around 40 percent in the 1960s to just under 27 percent today. Our child poverty rate is down from 67 percent to about 40 percent—although still unacceptable. The wealth gap between African Americans and whites hovers around 5-to-1. Criminal Justice
In her book, The New Jim Crow: Mass Incarceration in the Age of Colorblindness, civil rights attorney, Michelle Alexander, asserts that there are now more blacks in jail today than were slaves in America in 1850. It is a stunning revelation of the continued exploitation of black people for free labor in this nation. Yet, it is now been shrouded and sold to the American people as some outlandish form of law
The economic strength of the African American community will soon reach $1.5 trillion. To quantify this number and put it into some context, this number is equivalent to the gross domestic product of Russia and South Korea. If we were a nation, we would be the 12th richest country on the planet. Although macro-economists will quickly tell you that GDP and buying power are not the same, since we are not a country exclusive of the U.S., I believe that it provides, at least, some context.
Our collective economic strength makes us a prime market for advertisers, marketers and those who desire to influence our buying behaviors. Yet, the larger question is not how much we can buy but whether we can control and direct the spending? …show more content…
There are now between 2.5 to 3 million black owned businesses around the country.
In just about every category, we have been growing—sadly not enough. Our median family income in 1968 (inflation adjusted) was approximately $22,000. It is around $40,000 today. Our unemployment rate, while down is still twice that of white Americans. That has not changed appreciably since the early 1970s.
Our overall poverty rate has decreased from around 40 percent in the 1960s to just under 27 percent today. Our child poverty rate is down from 67 percent to about 40 percent—although still unacceptable. The wealth gap between African Americans and whites hovers around 5-to-1. Criminal Justice
In her book, The New Jim Crow: Mass Incarceration in the Age of Colorblindness, civil rights attorney, Michelle Alexander, asserts that there are now more blacks in jail today than were slaves in America in 1850. It is a stunning revelation of the continued exploitation of black people for free labor in this nation. Yet, it is now been shrouded and sold to the American people as some outlandish form of law